Brazil Joins China’s Drive to Boost Yuan’s Global Use
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What’s new: Banco Bocom BBM SA, a Brazilian bank controlled by China’s Bank of Communications Co. Ltd., has become South America’s first direct participant in the Cross-Border Interbank Payment System (CIPS), China's homegrown global clearing and settlement system for yuan-denominated payments.
The bank’s entry, announced at a China-Brazil business forum in Beijing earlier this week, will help reduce the costs of direct exchanges between the Brazilian real and the yuan, Banco Bocom BBM said in a statement.
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